India is home to 1.24 billion people. As such, the second most-populous nation (after China) is among the fast-growing markets for smartphones. Brazil, Russia, India and China have a collective population of nearly three billion people and as such these so-called BRIC markets are estimated to each overtake the United States in smartphone sales by 2018.

India is particularly important to Apple so Tim Cook & Co. in past few months rolled out a series of initiatives aimed at making it easier for cash-strapped consumers to purchase an iPhone. Apple’s premium pricing strategy coupled with high import taxes and low average pay put the iPhone out of reach for many average Indians so the firm is now launching a new smartphone trade-in program in co-operation with local resellers…

According to India Today (via UnwiredView), Apple is looking to run a program in partnership with local dealers that would lower older iPhone prices in India, without actually doing the price cuts, through the smartphone trade-in program against new iPhone 5c or iPhone 4s purchases.

You will soon be able get up to 13K rupee ($208) discount for an iPhone 5C or 4S, if you bring your old smartphone.

Specifically, consumers who bring in their old smartphone can now get a new iPhone 5c with sixteen gigabytes of storage for 28 900 rupees, or about $463. Previously, the device would set Indians back 41 900 rupees, or $671.

As for the two-year old iPhone 4s, the trade-in lowers the device’s price point to 18 500 rupees ($296) instead of 31 500 rupees ($504), the publication explains. Participating merchants will reportedly receive a 2,000 Rs commission per device, which works out to approximately thirty-two bucks.

Apple doesn’t operate its own stores in India, but a recent report asserted the iPhone maker was looking to increase local franchise stores three-fold, from 65 to more than two hundred.

Similarly to India, Apple’s overpriced iPhones have ceded ground to low and mid-range Android devices in both Russia and China. Apple’s iPhone sales in India have gone up 400 percent on an annual basis after a series of marketing initiatives and promotions.

According to research firm Canalys, India in the July quarter of this year was the world’s third-largest smartphone market after the United States and China.